US energy companies signed more than $60 billion in non-binding agreements and memorandums of understanding with Iraq covering oil, gas, and pipeline projects during a U.S.-Iraq business summit. The deals reflect Iraq's efforts to strengthen ties with the United States, attract foreign investment, and develop alternative energy export routes that bypass the Strait of Hormuz.
Among the key agreements, Chevron plans to invest in a pipeline linking Iraq to Syria's Mediterranean coast, providing an alternative export route for Iraqi crude. The company is also advancing discussions to enter the West Qurna 2 and Nassiriya oilfields.
ConocoPhillips agreed to acquire a 42% stake in BP Energy of Kirkuk Ltd, joining BP in redeveloping four producing oilfields in northern Iraq. Executives from both companies highlighted Iraq's vast energy potential and emphasized that the investments would enhance Iraq's production capacity and global energy security.
During his U.S. visit, Iraqi Prime Minister Ali al-Zaidi reaffirmed Iraq's open-door policy toward foreign investors and met with President Donald Trump, who said the two countries would pursue more business deals benefiting both economies.